-
First Impressions: NZ GDP, Q1 2022
New Zealand’s GDP fell by 0.2% in the March quarter, slightly weaker than our forecast of a flat result. Activity was up 1.2% on the same quarter last year, a period that was mostly (but not entirely) free of Covid lockdowns. As we highlighted in our preview, Covid has continued to disrupt economic activity. The December quarter was affected by ongoing Government-imposed restrictions after the Delta outbreak. In contrast, the March quarter restrictions were more self-imposed: as Omicron made its way through the country, people stayed away from retail spaces out of caution, and the surge in infections meant that ... (full story)